Let Canon Solutions America help you meet growing consumer expectations for responsive, orderly service with business process systems that can help reduce human error and boost loan processing efficiency.

Our business process solutions leverage imaging and tracking technology, automated task alerts, and performance-monitoring capabilities to help keep your mortgage applications on track throughout the loan processing cycle as a complement to existing loan origination systems for improved customer service, shortened cycle times, and reduced costly oversights.

Source: Canon Loan Processing Study, SourceMedia Research/American Banker, March 2016

45%Data Entry

44%Relationships Across Other Lending Departments

43%Disaster Recovery

42%Version Control of Documentation

39%Paper Handling

77%Customer Experience

72%Efficient Processes

70%Regulatory Compliance

66%Data Accuracy

59%Meeting Expiration Dates

58%Rapid Loan Processing Cycle Time

58%Security of Sensitive Documents

58%Employee Experience/Productivity

54%Loan ProcessingCosts

48%Management Oversight of the Loan Process

With the complexity of the mortgage application process, the significant manual components, and the need for skilled staff, mortgage companies must organize their workflows using business process systems that help keep them competitive.

Where loan originators are willing to acknowledge substandard performance, good technology and processes are frequently identified as the solution to improve performance.

LOAN PROCESSING PRIORITIESRESPONDENTS WHO DESCRIBED EACH ITEM AS A HIGH OR CRITICAL PRIORITY TARGET FOR IMPROVEMENT

LOAN PROCESSING TECHNOLOGY

HELPS INCREASE CUSTOMER

SATISFACTION AND EFFICIENCY

FAILURE TO FOLLOW UP WITH UNDERWRITING

29%

MISSED RATE LOCK EXPIRATION DATES

24%

FAILURE TO FOLLOW UP WITH CLOSING

DEPARTMENT

23%

MISSED DOCUMENTATION EXPIRATION DATES

29%

FAILURE TO FOLLOW UP WITH BORROW

34%

INACCURATE BORROWER DOCUMENTATION

48%

MISSING BORROWER DOCUMENTATION

50%

LOAN PROCESSING INCIDENTSRESPONDENTS WITH LESS THAN $1 BILLION OF ASSETS REPORTING

10 OR MORE INCIDENTS A MONTH IN EACH CATEGORY

In addition to impacts on corporate reputation and customer satisfaction, the consequences of weaknesses

in loan processing systems can be measured in direct costs generated by a range of typical errors.

THE DIRECT COSTS OF INEFFICIENT PROCESSING

TECHNOLOGY LAGS

29% CYCLETIME

52%EMPLOYEE

PERFORMANCE

28%COMPLIANCE 59%

CUSTOMER EXPERIENCE

23%DOCUMENT

SECURITY

13%TOP LOAN PROCESSING PAIN POINTS

RESPONDENTS WHO DESCRIBED EACH ITEM AS A TOP PAIN POINT

49%

of respondents say document review involves at least some

manual work at their firms

97%

Requesting Appraisals and Title Reports

Reviewing Documents

of mortgage industry executives surveyed said

that document review at their firms is all or mostly manual

Verifying Data

Contact third parties to obtain property appraisals and titles 66%

Submit mortgage loan application files for underwriting approval 64%

Review applications forms, disclosures, and supporting loan documents 76%

Verify that application information and data is complete and accurate 66%

Submit approved mortgage loan files to mortgage loan closer/underwriter 65%

Create and send approval and denial letters to applicants 44%

Informed supervisor of discrepancies in appraisals, titles, or surveys 52%

LOAN PROCESSING BOTTLENECKSRESPONDENTS WHO DESCRIBED EACH TASK AS A MODERATE OR HIGH BOTTLENECK

FIRM REPUTATIONPERFORMANCE

CUSTOMER SATISFACTION

The mortgage loan processing cycle has a heavy manual component of work in every stage. A recent study by SourceMedia Research/American Banker identified the challenges posed by so much paper and so many manual tasks. These can interfere with the loan process, causing a negative impact on customer satisfaction, firm reputation, and performance.

In an era of heightened customer expectations for convenient digital solutions and fast responses, the mortgage loan process remains highly paper-based and manual.

MORTGAGE LOAN PROCESSINGOVERCOME THE CHALLENGES IN

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1-844-5-CANONContact a Canon Solutions America

representative today to learn how we can help streamline your mortgage loan processes.